Internets Soar As Nasdaq Sets New Record
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Internet stocks continued rising on Monday, following news of several upgrades and stock splits. The Nasdaq Composite kept its hot streak alive, setting its 52nd record of 1999.
internet.com's Internet Stock Index closed up 9.66 to 845.38, the Nasdaq Composite added 37.93 to 3658.17 and the Dow Jones industrial average fell 32.11 to 11192.59.
CMGI (CMGI) bolted 17-9/16 higher to 211-5/8. CMGI's majority owned, 1stUp.com announced it has eclipsed the 1 million subscriber mark. 1stUp.com allows consumer oriented businesses to provide its customers with free, advertising supported, Internet access.
Whittman-Hart Inc. (WHIT) plunged 24-3/4 to 54-1/2 after announcing it will buy USWeb/CKS Corp. for $5.88 billion in stock. Whitman will pay about $68.55 a share for USWeb/CKS. That represents a 35 percent premium from Friday's close.
Investors should be preparing for a flood of IPOs set to hit the market this week. Two highly anticipated issues are C-bridge Internet Solutions and Infonet Services. Merrill Lynch is the lead underwriter for data-communications company, Infonet Services, which did $173.2 million in revenues for the six months ended Sept. 30.
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